v3.23.2
Income Taxes (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]    
Schedule of Provision For Income Taxes Differs From The Federal Statutory Rate

Income tax expense and the effective tax rate were as follows:

 

         
   Successor   Predecessor 
   For the Three   For the Three 
   Months Ended   Months Ended 
   March 31,   March 31, 
(in thousands)  2023   2022 
         
Income tax benefit  $1,047,051   $- 
           
Effective tax rate   22.81%   0.00%

The provision for income taxes differs from the Federal statutory rate as follows:

 

   December 31, 2022   December 12, 2022   December 31, 2021 
   Successor   Predecessor 
   For the period   For the period    
  

December 13

through

  

January 1

through

  

For the year

ended

 
   December 31, 2022   December 12, 2022   December 31, 2021 
             
Federal statutory rate   21.0%   21.0%   21.0%
State tax rate, net of federal benefit   3.6%   3.6%   3.7%
Permanent items   (1.9%)   (5.4%)   (0.9%)
Nondeductible basis difference   0.0%   0.0%   0.1%
Effect of change in state rate   0.0%   (0.1%)   3.9%
Prior period adjustments and other   0.0%   (0.1%)   0.0%
Change in valuation allowance   68.1%   (19.0%)   (27.8%)
Effective income tax rate   90.8%   (0.0%)   0.0%
Schedule of Provision For Income Taxes  

The provision for income taxes consists of the following (benefits) provisions:

 

   December 31, 2022   December 12, 2022   December 31, 2021 
   Successor   Predecessor 
   For the period   For the period    
   December 13
through		   January 1
through		   For the year
ended		 
   December 31, 2022   December 12, 2022   December 31, 2021 
             
Deferred tax benefit:               
Federal  $(151,625)  $(2,191,344)  $(1,480,472)
State   (34,844)   (482,283)   (763,612)
Deferred tax benefit   (186,469)   (2,673,627)   (2,244,084)
Change in valuation allowance   (558,581)   2,673,627    2,244,084 
Provision for income taxes  $(745,050)  $-   $- 

 
Schedule of Deferred Tax Assets and Liabilities  

Deferred tax assets and liabilities consist of the following:

 

   December 31, 2022   December 12, 2022   December 31, 2021 
   Successor   Predecessor   Predecessor 
   Successor   Predecessor 
   December 31, 2022   December 12, 2022   December 31, 2021 
             
Net operating loss carryforwards  $6,671,907   $6,639,882   $4,930,055 
Stock-based compensation expense   2,936,945    4,084,595    3,220,799 
Capitalized research and development costs   2,421,390    2,362,939    2,199,126 
Capitalized start-up costs   1,121,802    565,530    620,016 
Capitalized licensing costs   687,926    689,820    735,485 
Derivative liabilities   -    -    6,388 
Capitalized patents   288,123    273,682    235,065 
Warrants   133,203    238,768    239,307 
Accrued payroll   71,830    -    - 
Contributions carryforward   2,833    2,833    2,840 
Lease liabilities   26,794    -    - 
Deferred rent   -    -    4,176 
Deferred tax assets   14,362,753    14,858,049    12,193,257 
Valuation allowance   -    (14,853,648)   (12,180,021)
Deferred tax assets   14,362,753    4,401    13,236 
                
Deferred debt discount   -    -    (6,388)
Right-of-use asset   (24,236)   -    - 
In-process research and development   (24,658,231)   -    - 
Fixed assets   (4,270)   (4,401)   (6,848)
Deferred tax liabilities   (24,686,737)   (4,401)   (13,236)
                
Deferred tax assets, net  $(10,323,984)  $-   $-